Posted by keleb on Tuesday, January 8, 2008 at 10:22am.
Doesn't paying over $8,000 a month seem awfully high? Your figures are correct, but the decimal point is in the wrong place.
Check this site for the answer.
http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=867.8232333655338&loanAmount=100000.00&nrOfYears=20&nrOfMonths=240&interestRate=8.50&startMonth=0&startDay=8&startYear=2008&monthlyPayment=867.82&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2008&paidOffDate=Jan+8%2C+2028&submit.x=27&submit.y=2
The monthly payment on a$100,000 mortgage at a rate of 8 1/2 % for 20 years is 8678.23
I am not sure
P = $100,000
i = 8.5/(100x12)
n = 240
R = Pi/[1 - (1 + i)^-n] = $867.82
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